Felix continues to offer the largest vaults on HyperEVM with over $95m in deposits across vaults and ~$35m in available borrow capacity currently Current vaults live: >HYPE Flagship >USDC Flagship >USDC Frontier >USDT0 Flagship >USDT0 Frontier >USDe Flagship As a reminder, Felix vaults are deployed on @Morpho and support both 1) HYPE borrowers for looping kHYPE, wstHYPE, and kHYPE PTs as well as 2) stablecoin borrows for traders looking to borrow against HYPE, kHYPE, wstHYPE, and UBTC to trade more on Hyperliquid Will be interesting to watch where HyperEVM goes from here and in what ways HL Labs determines to further integrate the EVM or leave it as more segmented from Core. For now, EVM still serves as the primary mode of collateral servicing for HL traders looking to borrow against HYPE, kHYPE, and other HL-native assets to trade via Felix and HyperLend. TBD how much native Portfolio Margin will affect this in the future (not that much so far) or if there are other primitives that can be net-new on the EVM and gain scale. So far only lending and liquid staking have seen any viability, and both still face platform risk. Only path is to create durable value that is net-new and can't be swept away More on the way